Tulipomania Blowoff Contest: Why and When will it end? Message Board

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Non-Tech : Tulipomania Blowoff Contest: Why and When will it end?

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Jun 26 5:00 PM EST

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To: Don Pueblo who wrote (844)	1/24/1999 9:23:00 PM
From: bobby beara	Read Replies (1) of 3543

Chicken, Greenspam is famous for making turning points and so is GANN: Message 7326427 Greenspan talked before Congress at the 7/20 top and the FOMC meeting was near the top in late September before the crash into 10/8 Neither of those talks caused a correction of 40% in net stocks in 8 trading days. The real reasons are completely supply/demand related. Just as Abelson submitted in his column. When things get to extremes they must reverse. They said that the crash of 87 was because of program trading or rates going up. Baloney, it was because the market got so overbought that all the buyers were in and nobody was left to sell to. A vacuum of liquidity - a short term out of balance condition caused by "irrational speculation" I believe we are in a similar situation with the market right now, especially the tech stocks. The lagging a/d line is representing this market as an illiquid market (fooling most that believe it is) This market does not have enough money to fuel a broad advance only a narrow advance of a few high flyers. We can't even keep the bond market up, as it see saws up and down opposite of equities. The bond charts dramatic rise into 10/8 was a panic buying flight to quality of world-wide capital. All the buyers rushed in during a short period of time. I believe this is another liquidity problem that at some point will reverse. bb

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